Asked by
Anushree Talmale-Deshmukh
on Oct 13, 2024
Verified
An inward shift in the entire production possibilities frontier
A) represents economic growth.
B) means that the economy can produce more of both goods.
C) occurs if there is an increase in the capital stock.
D) takes place if there is an expansion in the labor force.
E) means that previous levels of production are now unobtainable.
Production Possibilities Frontier
A curve depicting the maximum attainable combinations of two or more products that may be produced with available resources and technology.
Inward Shift
Describes a decrease in the potential output of an economy, often visualized as a leftward shift of the Production Possibility Frontier (PPF).
- Comprehend how technology influences the productive capacity of an economy.
Verified Answer
VM
Learning Objectives
- Comprehend how technology influences the productive capacity of an economy.
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